Kathmandu: Prime Minister KP Sharma Oli has emphasized the need to bridge the significant financing gap that Least Developed Countries (LDCs) face in achieving the Sustainable Development Goals (SDGs). Speaking at the "Summit of the Future" in New York on Sunday, PM Oli highlighted that LDCs are experiencing an annual financing gap of 40% of GDP, with a global shortfall of USD 4.3 billion continuing to grow.

Co-chairing the interactive dialogue on "Transforming Global Governance and Turbocharging the Implementation of the 2030 Agenda for Sustainable Development," the Prime Minister urged development partners to fulfill their commitment to allocate 0.7% of gross national income (GNI) as official development assistance (ODA) to developing nations and 0.2% to LDCs. He also called for the implementation of the SDG Stimulus package, combating illicit financial flows, and supporting domestic resource mobilization efforts.

Oli stressed the need for collective action to accelerate the 2030 Agenda for Sustainable Development, calling for reinvigorating multilateralism and transforming global governance. He pointed out that compounding crises, including the lingering effects of COVID-19, escalating conflicts, and climate change, have hindered progress towards sustainable development, contributing to rising poverty, hunger, and inequality.

The Prime Minister criticized the global financial system, which he said struggles to address modern challenges such as poverty, climate change, and inequality. He argued that it fails to meet the needs of those left behind, citing unequal trade gains, high-interest rates on external loans, and growing debt burdens as factors limiting fiscal space in developing countries.

PM Oli also raised concerns about the widening digital divide, noting that developing countries are finding it increasingly difficult to leverage digital technology for economic transformation. He called for increased access to digital connectivity and infrastructure in low-income countries and for efforts to reduce connectivity costs.

In addition, PM Oli emphasized the urgent need for comprehensive debt relief for highly indebted countries, including LDCs, and for establishing fair mechanisms for debt resolution. He also called for global leaders to honor their climate change commitments, stressing the importance of increasing adaptation and mitigation funds, as well as fully resourcing loss and damage funds to address the disproportionate impacts of climate change on vulnerable communities.